Moody's rates Clearwater notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Clearwater Paper Corp.'s proposed $275 million of senior unsecured notes due 2028.

“The refinancing is leverage neutral and Clearwater's existing ratings remain unchanged, reflecting our expectations that the company's leverage (adjusted Debt to EBITDA) will be around 4x in 2020," said Ed Sustar, a Moody's senior vice president, in a press release.

The company's Ba2 corporate family rating, Ba2-PD probability of default rating, Ba1 senior secured bank credit facility rating, Ba3 senior unsecured debt rating, and the SGL-2 speculative grade liquidity rating remain unchanged.

Clearwater intends to use the proceeds to refinance its $275 million of 4½% senior unsecured notes due 2023.

The outlook remains stable.

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